Ceterix Orthopaedics, Inc., a Menlo Park, Calif.-based developer of novel surgical tools for arthroscopic procedures, closed an $18m financing.
Backers included previous investors Novo A/S, Versant Ventures and 5AM Ventures and debt providers Silicon Valley Bank and Oxford Finance.
The company intends to use the funds for the commercial expansion of its surgical tools for arthroscopic procedures.
Founded in 2010 and led by John McCutcheon, President and CEO, Ceterix develops surgical tools for physicians who treat soft tissue injuries such as meniscus tears, hip and shoulder labrum tears, and rotator cuff tears. Currently in use by more than 100 U.S. physicians, its technology enables surgeons to place stitches in very tight joint compartments, while protecting sensitive surrounding structures such as nerves, arteries and cartilage. It has applications in numerous procedures in knees, hips, and shoulders.
The company also announced the issuance of two U.S. patents, which relate to methods of meniscal and soft tissue repair.